Market positioning data from the COT report shows that asset managers and large speculators are piling into longs, yet shorts remain subdued. The price on the 4-hour chart also shows an established uptrend within a bullish channel.
Prices have not yet completed a 3-wave retracement against the trend, hence the bias for a slightly deeper pullback before its trend...
As gold and energies prices going up dips opportunities are good trades, entry is current market price, positions could added at the break of the counter trendline
Crude Oil (May)
Yesterday’s close: Settled at 86.43, down 0.48
On Friday, geopolitical premium helped the nearby month in Crude Oil futures traded to the highest level since October 23rd, and the May contract hit the highest since June 2022. Price action gapped lower from the 86.91 settlement on the open Sunday night, but strength into the onset of U.S. hours...
NYMEX:CL1!
There may be people who have more talent than you. But there's no excuse for anyone to work harder than you. -Derek Jeter
Last week we tried to catch this move however our stops were hit due to sellers not being ready just yet to commit and Buyers came in to Mitigate the HTF Daily Supply Zone causing us to be stopped out... All good we rii back at...
Preferably suitable for scalping and accurate as long as you watch carefully the price action with the drawn areas.
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Oil Chart Idea - 3-27-2024
Bearish for next few days/week
IMO, It should retest the 0.382 (81.44 to 81.62) region and then goes back down to get liquidity from golden pocket (79.97 to 79.68).
Oil Chart Idea - 3-28-2024
Bullish for next few days / week as
it has made a cup n handle pattern in 4hr TF
and most likely close the candle above 82.35
TP should be close to 84.40
NYMEX:CL1!
A wise man once if you're easily offended then you're easily manipulated...
Good Afternoon Family I hope this week has been good to yu all... This will be a short description/narrative on why I believe we may be able to capitalize on this counter trend SHORT on OIL after we Mitigate this Daily Supply Zone a little deeper IMO>>> Vibe w/ me!
1) I...
The wave structure in oil is a complex formation within a Triangle pattern . The high of 86.2 came within 50 Cents of perfect MATH the last up leg to 95.1 from 63.7 was near perfect .618 of the last leg up and is my trendline .I AM NOW RATHER BEARISH OIL trade out of OIL or in PUTS now stop is rather simple 88.7 Best trades WAVETIMER
Just looking at the chart between the oil futures and the SPRs the correlation is as tight as it gets. The SPRs are at 50% of the normal holding, which means there could be more selling, but likely they will start filling. This could make for another oil bonanza.
Crude Oil (CL) Bullish Trend Continues: Surge Driven by Rising Demand and OPEC's Supply Reductions
Since December 2023, CL has been on an upward trajectory bolstered by heightened demand and OPEC's proactive supply cuts. Notably, in February, the market broke through the 209-day Moving Average (MA), a significant technical indicator, and retested it in March,...
NYSE:CL Oil is smashing through the $85 resistance level! 📈 Next stop? The $94 level looks promising.
Keep your eyes peeled for a potential surge to $94. With commodities stealing the spotlight in 2024, it's time to watch closely!
Light Crude Oil Futures (CL): NYMEX:CL1!
As mentioned in our morning briefing, oil is currently extremely interesting, partly due to increasing tensions in the Middle East and the destruction of oil reserves there as well as in Russia. Consequently, oil prices have surged significantly. We are currently at a level of $85, but we still consider it quite likely...
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
This outlook analysis indicates a continuation of upward momentum in Crude Oil futures. However, there is a limitation on the upside potential due to the fifth wave. Nonetheless, the overall trend remains bullish, so as long as the price stays above $82.29, this trend is strongly supported, targeting $84.31 -...
